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What is the Purpose Of Using Microfinance Software For Digitization ?

What is Digitized System?

A digitized System is to manage all the operations related to business for the Microfinance business. It will help you to manage your overall business structure, from opening and control the accounts to supervise over loan segments, receiving repayments, and many more.

Digitized System is the software that any business can use and get an advantage. In normal words, you can call it Microfinance Software.

How Microfinance Software can support the business?

Account Management

Microfinance Companies provide savings and other types of accounts for the poor and underdeveloped sectors of society. Those accounts are not similar to the banking savings accounts. Unlike banking accounts, Microfinance provides savings accounts that don’t ask for any kinds of charges for maintenance. These are called ‘zero balance accounts’ that we are talking about.

Best Microfinance Software would help the MFIs to manage accounts-related activities like these.

  • Opening of Accounts
  • Documentations
  • Management
  • Maintenance
  • Interest rates calculation

Loans Management

Microfinance Companies provide microloans. These types of credits are slightly different from the loans offered by the banks. Banks normally offer a big-ticket loan whether MFIs provide a small number of loans. Advanced Microfinance Software has the capability to control all types of microloan operations. It helps in organizing the following areas.

  • The Process of Loan Application
  • Documentation for Loan
  • Calculation of Loan Amount and Rate of Interest
  • Underwriting, Approval and Disbursement
  • Transferring the Money to the client’s accounts
  • Repayment schedules for Creation and validations
  • Sending messages and notifications to the particular clients

Recovery of Loan

After giving the loans, it’s time to apply for loans for recovery measurements. Therefore, there are more tasks which the MFIs require to take care of. A perfect Microfinance Software will come with all types of tools for loan recovery and modules that are necessary to control any procedures of loan recovery. Go through the below-mentioned information to get a glance at loan recovery.

  • Making Printout of schedules of Loan recovery and share it with clients via mail or E-mail
  • Allocate the tasks of loan recovery to the field agents
  • notify the client by sending the messages and notifications for the next repayment date
  • Calculate the late fees
  • Creation of reports for payments and non-payment of loans
  • Making a list of good borrowers for the top-up of loans

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